The Euro continues to push higher. It seems to have more momentum currently. The last three breakouts only lasted a week. However, at the last breakout, the $XEU chart spent 4 weeks hovering below resistance. This week we have surged to new highs once again.
Gold had been tracking the Euro higher for the last few weeks. Today Gold is down hard and the Euro is up again. With a change in some of the linkages, we might see the Euro behave differently as well.
Time to watch closely! For now it's another 2 year high and it looks like we'll close the week there.
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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